Below are comprehensive answers to the top questions that students have about Climb loans. More questions and answers can be found at: https://climbcredit.com.
What can Climb offer me?
In addition to paying for your tuition, we can offer you the following:
- Quick decisions, so you can start your education
- Fixed general rates starting at 6.99%
- No pre-payment penalty
- Fast, friendly, and responsive student support
- A simple, secure, online account through which you can upload documents, view your status, and take action on your application
What are your interest rates?
Interest rates start at 6.99%. These are fixed interest rates, so you don’t have to worry about your monthly payments changing.
Actual interest rates vary within this range based on a number of factors. Interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a Climb loan.
You may be able to qualify for a lower rate if you apply with a co-borrower (any person willing to pay if you can’t).
APRs on loans range from 0.00%–30.37%. For 91.60% of our loans, APRs are below 19%. The APR includes an up to 5% origination fee. 0% APR loans are only available at schools which have elected to offer that product. Actual interest rates vary within this range based on a number of factors, including your state of residence, credit history, and applicable lending laws and regulations. Applicable fees are disclosed in the loan note and payment plan contract.
How do I apply?
You should receive the link to apply for a Climb loan from your school’s admissions team, or you can find the link on your school’s website or Climb's website (www.climbcredit.com). Apply using your laptop, tablet, or phone.
You'll want to make sure you fill out an application for the specific school and program you'll be attending. We link our loans to each course, so your school will know you've been approved for a loan with us and that we'll be sending your tuition to them.
Can I apply even if I have no credit or bad credit?
Absolutely! You are more than just your credit score, and we look at several factors in order to offer a financing decision.
Can I apply with a co-borrower?
Yes. A co-borrower is any person willing to support your education and take on responsibility if you are unable to make payments.
Can I enter my household income on the application?
We are only able to take individual income into account when reviewing an application. When completing your application, you should enter your individual income, rather than your total household income.
Can I apply if I'm a foreign citizen?
Yes, but you will need to apply with a co-borrower who is a US citizen or permanent resident.
Why am I asked to connect my bank account?
Connecting bank information is just an optional method of automatic address verification. If your bank isn't listed or you don’t wish to connect it, you can go ahead and skip this step!
How and when can I expect to get my loan funds?
After your loan is finalized and your school has verified your enrollment, we’ll send your tuition funds directly to your school.
Can I pre-pay (or pay off) my loan early?
Absolutely! You can pay back your loan, in whole or in part, at any time with no penalties. We encourage you to prepay as it helps to reduce the total amount that you will pay in financing charges!
When do I have to start paying back my loan?
Your first payment is due one month after your loan is funded.
How do I make payments on my loan?
Payments and billing are handled by our loan servicing partner, Launch. Through your Launch account, you can pay via ACH (auto-pay from your bank account), credit card, or personal check.
Most Climb borrowers choose to pay by ACH, because they don’t have to worry about late payments. As an added bonus, Climb can reduce your interest rate if you’re signed up for automatic ACH payments.
Who is Launch?
Climb partners with Launch, a loan servicer that handles billing and payments for your loans.
After your loan is funded, you'll receive your first bill from Launch (by email and/or physical post). At that time, you will be able to create a student account at the Launch registration page using the information printed on your bill. This will enable you to make payments, set up recurring payments, and manage your account settings.
You will also receive regular loan-related communications from Launch, including payment reminders, end-of-year tax information (if applicable), and, if necessary, information on late or missing payments. Read our blog post on student loan servicers to learn more about who they are and what they do.
How do I update my payment and billing information?
You can make changes to your payment and billing information through your online Launch account. Here you will be able to make any necessary changes to your account.
How can I add or remove automatic payments?
If you want to add or remove automatic payments after your loan is funded, you can reach out to Climb’s loan servicer Launch to connect or disconnect your bank account.
What options are available if I can’t make a payment?
Climb’s late-payment assistance partner, Loan Science, can provide you with help on submitting payments or requesting loan benefits that may be available to you. Contact them at: 866-311-9584 or submitting a written message by visiting loanscience.com/contact/borrower.
Who is Loan Science?
Loan Science is a company that works with Climb to help students with repayment trouble. Loan Science can help you submit payments, and they will assist you in requesting loan benefits that may be available to you.
What happens if I miss a payment?
We understand that life happens and you may not be able to submit a payment. Missing a loan payment is not good, as it can have a negative effect on your credit score and make it difficult for you to get loans, credit cards, or a mortgage in the future. The best thing for you to do is to be proactive and reach out to us as soon as possible.
If you’re concerned about missing a payment or you have missed a payment, please contact Climb Credit via email at hello@climbcredit.com or by visiting https://climbcredit.com and starting a live chat conversation with their Student Success team from 10am to 8pm ET. You can also contact our payment partner, Loan Science, by calling them at 866-311-9584 or submitting a written message at loanscience.com/contact/borrower.